Advisors Asset Management Inc. Has $265,000 Stock Position in World Kinect Co. (NYSE:WKC)

Advisors Asset Management Inc. cut its holdings in World Kinect Co. (NYSE:WKC) by 37.8% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 8,564 shares of the company’s stock after selling 5,203 shares during the quarter. Advisors Asset Management Inc.’s holdings in World Kinect were worth $265,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Innealta Capital LLC acquired a new position in World Kinect during the 2nd quarter worth approximately $65,000. Hara Capital LLC acquired a new stake in shares of World Kinect during the 3rd quarter valued at $76,000. Point72 Asia Singapore Pte. Ltd. grew its position in World Kinect by 20.7% during the 2nd quarter. Point72 Asia Singapore Pte. Ltd. now owns 6,927 shares of the company’s stock worth $179,000 after acquiring an additional 1,189 shares during the last quarter. Privium Fund Management UK Ltd bought a new position in World Kinect in the second quarter valued at about $208,000. Finally, Everence Capital Management Inc. acquired a new stake in shares of World Kinect during the third quarter valued at about $210,000. Institutional investors and hedge funds own 97.06% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Stifel Nicolaus downgraded shares of World Kinect from a “buy” rating to a “hold” rating and cut their target price for the stock from $33.00 to $32.00 in a research report on Friday, October 25th. Bank of America lifted their price target on shares of World Kinect from $24.00 to $27.00 and gave the stock an “underperform” rating in a report on Friday, September 13th. Morgan Stanley downgraded World Kinect from an “equal weight” rating to an “underweight” rating and set a $28.00 price objective for the company. in a report on Monday, September 16th. Finally, JPMorgan Chase & Co. lifted their target price on World Kinect from $29.00 to $32.00 and gave the stock a “neutral” rating in a report on Thursday, September 19th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $30.20.

World Kinect Stock Performance

NYSE:WKC opened at $29.14 on Friday. World Kinect Co. has a 52 week low of $20.00 and a 52 week high of $31.70. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.99 and a current ratio of 1.16. The firm’s fifty day moving average is $29.27 and its 200-day moving average is $27.57. The firm has a market cap of $1.69 billion, a P/E ratio of 12.95, a P/E/G ratio of 1.13 and a beta of 1.26.

World Kinect (NYSE:WKC) last released its earnings results on Thursday, October 24th. The company reported $0.62 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.62. World Kinect had a net margin of 0.30% and a return on equity of 6.29%. The business had revenue of $10.49 billion for the quarter, compared to analyst estimates of $11.77 billion. During the same quarter in the previous year, the business earned $0.58 earnings per share. World Kinect’s revenue for the quarter was down 14.3% on a year-over-year basis. Equities analysts expect that World Kinect Co. will post 2.12 earnings per share for the current year.

World Kinect Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 16th. Investors of record on Monday, September 30th were paid a dividend of $0.17 per share. The ex-dividend date was Monday, September 30th. This represents a $0.68 annualized dividend and a yield of 2.33%. World Kinect’s dividend payout ratio is currently 30.22%.

World Kinect declared that its board has initiated a share repurchase program on Monday, September 9th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 11% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.

About World Kinect

World Kinect Corporation operates as an energy management company in the United States, the Americas, Europe, the Middle East, Africa, and the Asia Pacific. This segment also offers fuel management, price risk management, ground handling, dispatch services, and trip planning services, such as flight planning and scheduling, weather reports and overflight permits; payment and processing services; and operates a web-based marketplace platform.